Short Interest in DraftKings Inc. (NASDAQ:DKNG) Declines By 7.5%

DraftKings Inc. (NASDAQ:DKNG) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 22,560,000 shares, a decrease of 7.5% from the October 31st total of 24,400,000 shares. Based on an average trading volume of 8,860,000 shares, the short-interest ratio is presently 2.5 days.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 735,246 shares of company stock valued at $29,902,158. Corporate insiders own 48.94% of the company’s stock.

Institutional Investors Weigh In On DraftKings

Several institutional investors have recently bought and sold shares of the company. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings in the second quarter valued at approximately $39,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings during the 3rd quarter worth approximately $43,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings during the 2nd quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of DraftKings during the 3rd quarter worth approximately $46,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 0.1 %

Shares of NASDAQ:DKNG opened at $43.97 on Wednesday. The company has a 50 day moving average price of $39.54 and a two-hundred day moving average price of $37.85. The company has a market capitalization of $38.72 billion, a PE ratio of -49.97 and a beta of 1.87. DraftKings has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Analysts forecast that DraftKings will post -0.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of research reports. Barclays boosted their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. UBS Group increased their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. TD Cowen upped their target price on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $51.04.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.